Registered number
OC397303
Drift Real Estate LLP
Filleted Accounts
30 June 2023
ADJ 10
D997-2023
Drift Real Estate LLP
Registered number: OC397303
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 326,399 326,399
Investments 4 182 182
326,581 326,581
Current assets
Debtors 5 2,084 1,579
Cash at bank and in hand 24,952 24,234
27,036 25,813
Creditors: amounts falling due within one year 6 (8,127) (4,783)
Net current assets 18,909 21,030
Total assets less current liabilities 345,490 347,611
Provisions for liabilities (13,000) (13,000)
Net assets attributable to members 332,490 334,611
Represented by:
Loans and other debts due to members 7 332,490 334,611
332,490 334,611
Total members' interests
Loans and other debts due to members 7 332,490 334,611
332,490 334,611
For the year ended 30 June 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 20 March 2024 and signed on their behalf by:
Martyn Poole
Designated member
Drift Real Estate LLP
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts for rents and service charges.
Division of profits
Profits or Losses are treated as being available for discretionary division and are credited or debited to Members according to their agreement at the end of a particular year based on the approved final accounts.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, immaterial amounts are not provided, as follows:
Leasehold land and buildings over the lease term
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
2 Employees 2023 2022
Number Number
Average number of persons employed by the LLP - -
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 July 2022 326,399
At 30 June 2023 326,399
Depreciation
At 30 June 2023 -
Net book value
At 30 June 2023 326,399
At 30 June 2022 326,399
4 Fixed asset investments
Other
investments
£
Cost
At 1 July 2022 182
At 30 June 2023 182
5 Debtors 2023 2022
£ £
Other debtors and prepayments 2,084 1,579
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 3,338 7
Amounts owed to group undertakings and undertakings in which the LLP has a participating interest 13 -
Other creditors 4,776 4,776
8,127 4,783
7 Loans and other debts due to members 2023 2022
£ £
Loans from members 332,490 334,611
Amounts falling due within one year 332,490 334,611
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
8 Controlling party
In both the current year and the preceding year the Limited Liability Partnership was controlled by the Members by virtue of the Limited Liability Partnership agreement.
9 Other information
Drift Real Estate LLP is a Limited Liability Partnership incorporated in England. Its registered office is:
Old Stables
71 Dunstans Road
East Dulwich
London
SE22 0HD
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